XRP has surged more than 10% in the past 24 hours, reclaiming the $0.6 price level.
XRP trading volume surged 47%, standing at $3.26 billion.
In the past week, the altcoin has outperformed almost every digital asset in the top 30.
XRP, the native cryptocurrency of the XRP Ledger, has performed extraordinarily well in the past few days as bulls have taken control of the digital asset’s price trajectory. Notably, the 24-hour trading volume of the altcoin surpassed that of Solana (SOL), with the crypto community expecting a bullish move in the near future.
According to data from CoinMarketCap, the trading volume of XRP stands at $3.26 billion, up 47.27% in the last 24 hours. In contrast, Solana (SOL) trading volume is $2.97 billion, up 17.14% in the same period. SOL is the fifth-largest digital asset with a market cap of $75.3 billion, while XRP is the seventh-largest cryptocurrency with a market cap of $33.79 billion.
At the time of writing, XRP has reclaimed the $0.6 price level and is up by more than 10% in the last 24 hours. In the last seven days, the altcoin has outperformed almost every cryptocurrency in the top 30, rising by more than 37%. Meanwhile, the SOL token rose around 12% in the past week.
The sudden surge in the popularity of the XRP token may be attributed to the potential victory that Ripple might secure in the lawsuit filed by SEC in 2020. The long-drawn lawsuit is expected to conclude on July 31st, claims Fred Rispoli, a legal expert in the crypto space. Rispoli believes that Ripple will have to pay less than $25 million in penalties, with no disgorgement, despite the SEC’s attempts to claw $2 billion from the American fintech firm.
July 31, although I could see her doing July 13 to be poetic.
— Fred Rispoli (@freddyriz) July 2, 2024
Additionally, there is also talk of an XRP exchange-traded fund (ETF), and Ripple chief executive Brad Garlinghouse has expressed confidence in the potential launch of XRP ETFs in 2025. Further, the firm is also expanding its business in the stablecoin sector with the debut of a US dollar-backed stablecoin (RLUSD).
Finally, Ripple is also pushing for pro-crypto politicians in the United States and as per a previous report, Garlinghouse voiced support for presidential candidate Donald Trump’s VP pick, JD Vance.
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